我国创业板IPO定价的影响因素研究

摘要2009年创业板的开启为我国中小企业融资提供了新的渠道，创业板企业相较于传统上市企业，具有成长性高、估值高的特点，但是同时规模较小，风险较大。自成立以来，我国创业板IPO定价问题就一直是大家关注的焦点，本文对我国创业板IPO定价问题进行了研究。论文首先对国内外相关研究进行了回顾与归纳。接着，对我国创业板市场的设立条件及发展现状进行了分析。然后从内外两方面对创业板IPO定价的影响因素进行了考察。最后，选取了2012年间我国创业板上市的43只股票作为样本，实证考察了净资产收益率、每股现金流等10个指标对我国创业板IPO定价的影响，并基于实证结果提出了一些政策建议。65862

毕业论文关键词：创业板 IPO定价影响因素

毕业论文外文摘要

Title Influencing factors of China's GEM IPO pricing

Abstract

In 2009, the open of the GEM provides a new channel for our SME financing. Compared to traditional enterprises, the GEM listed companies are along with the characteristics of high-growth and high-valuation , but also smaller, higher risk.Since the establishment of China's GEM , the GEM IPO pricing has been a focus of everyone's attention.This article studies with the problems on China's GEM IPO.First of all,this article reviews and summarizes domestic and foreign research papers.Then,this article analysis the conditions for the establishment of China's GEM and development status.And then this article investigates the GEM IPO pricing factors from inside and outside aspects.Finally, this article selects 43 stocks listed on GEM between 2012 as samples,makes an empirical investigation about ten indicators of the impact of GEM IPO pricing such as ROE and cash flow per share, and puts forward some policy recommendations based on the empirical results.

Keywords: GEM ,IPO pricing, influencing factors

1 绪论 1

1.1 选题背景及意义 1

1.2 文献回顾 2

1.2.1 国外相关文献回顾 2

1.2.2 国内相关文献回顾 3

1.3 研究内容及方法 4

1.4 本文结构 4

2 我国创业板市场简介 5

2.1 创业板设立的目的和在创业板上市的条件 5

2.1.1 创业板设立的目的 5

2.1.2 在创业板上市的条件 5

2.2 我国创业板市场现状 6

2.2.1 我国创业板市场概况 6

2.2.2 我国创业板市盈率及指数变化情况 6

2.2.3 我国创业板企业在各行业的分布情况 8

3 创业板IPO定价的影响因素 9

3.1 创业板IPO定价的内在影响因素 9

3.2 创业板IPO定价的外在影响因素 10

4 创业板IPO定价实证分析 12

4.1模型构建及数据来源 12

4.1.1理论模型的构建及变量说明我国创业板IPO定价的影响因素研究:http://www.751com.cn/jingji/lunwen_73585.html